Truist Financial Corp Sells 1,623 Shares of TE Connectivity Ltd. $TEL

Key Points

• Truist Financial Corp reduced its stake in TE Connectivity by 1.4%, selling 1,623 shares, and now holds a total of 116,513 shares worth approximately $19.65 million.
• TE Connectivity reported quarterly earnings of $2.27 per share, surpassing expectations of $2.08, with revenue rising 13.9% year-over-year to $4.53 billion.
• The company announced a quarterly dividend of $0.71 per share, with a dividend yield of 1.3%, scheduled for payment on December 12th, 2023.

Truist Financial Corp trimmed its holdings in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 1.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 116,513 shares of the electronics maker's stock after selling 1,623 shares during the quarter. Truist Financial Corp's holdings in TE Connectivity were worth $19,652,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of TEL. Costello Asset Management INC bought a new stake in TE Connectivity in the 1st quarter valued at $28,000. Millstone Evans Group LLC purchased a new position in shares of TE Connectivity during the first quarter valued at about $32,000. Ransom Advisory Ltd purchased a new position in shares of TE Connectivity during the first quarter valued at about $34,000. Kelly Lawrence W & Associates Inc. CA bought a new position in TE Connectivity during the first quarter valued at approximately $34,000. Finally, Dagco Inc. bought a new position in TE Connectivity during the first quarter valued at approximately $35,000. Hedge funds and other institutional investors own 91.43% of the company's stock.

TE Connectivity Price Performance

TE Connectivity stock opened at $221.00 on Friday. The firm has a 50-day moving average price of $208.91 and a 200-day moving average price of $174.54. The firm has a market capitalization of $65.30 billion, a PE ratio of 45.75, a price-to-earnings-growth ratio of 2.39 and a beta of 1.26. The company has a current ratio of 1.52, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39. TE Connectivity Ltd. has a 12-month low of $116.30 and a 12-month high of $224.97.

TE Connectivity (NYSE:TEL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The electronics maker reported $2.27 earnings per share for the quarter, topping analysts' consensus estimates of $2.08 by $0.19. The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.30 billion. TE Connectivity had a net margin of 8.78% and a return on equity of 20.22%. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.91 EPS. TE Connectivity has set its Q4 2025 guidance at 2.270-2.270 EPS. As a group, equities research analysts forecast that TE Connectivity Ltd. will post 8.05 EPS for the current year.

TE Connectivity Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 21st will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, November 21st. TE Connectivity's dividend payout ratio (DPR) is 58.80%.

Analyst Ratings Changes

Several analysts have recently issued reports on TEL shares. Evercore ISI upped their price objective on TE Connectivity from $200.00 to $225.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Truist Financial boosted their price target on shares of TE Connectivity from $156.00 to $200.00 and gave the stock a "hold" rating in a research report on Thursday, July 24th. KGI Securities raised shares of TE Connectivity to a "hold" rating in a research note on Thursday, July 24th. Robert W. Baird set a $232.00 price objective on shares of TE Connectivity in a research note on Wednesday, September 3rd. Finally, Zacks Research downgraded shares of TE Connectivity from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, TE Connectivity has an average rating of "Moderate Buy" and an average target price of $211.36.

Insiders Place Their Bets

In related news, insider Aaron Kyle Stucki sold 52,900 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $192.78, for a total value of $10,198,062.00. Following the transaction, the insider owned 23,667 shares of the company's stock, valued at $4,562,524.26. This trade represents a 69.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Shadrak W. Kroeger sold 23,850 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $202.99, for a total transaction of $4,841,311.50. Following the completion of the transaction, the insider directly owned 25,976 shares in the company, valued at $5,272,868.24. This represents a 47.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 124,545 shares of company stock valued at $25,040,158 in the last three months. 0.90% of the stock is owned by company insiders.

TE Connectivity Profile

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor solutions in Europe, the Middle East, Africa, the AsiaPacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.

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